Money,income, and exchange rate regimes: Evidence from the U.K.

This study examines the money-income correlation in the U.K. using monthly data over both fixed and flexible exchange rate regimes. Most previous studies find unidirectional causality running from income to money. The results presented here indicate that money and income are independent over the fixed rate period, while unidirectional causality runs from money to income over the flexible rate period. There are two major reasons for the difference between the results reported here and those provided by other studies. First, unlike the current study, previous studies employing U.K. data have tested for Granger causality using bivariate or trivariate tests which suffer from an omitted variables bias. Second, unlike many previous studies, the current study does not mix data from different exchange rate regimes.     

美国的债务、金融泡沫及其对世界的影响

2005年全球经济的失衡成为世界经济的热门话题,国际经济组织与许多著名经济学家都参与了这场辩论.一个不可争辩的事实是,全球经济的确失衡了.它表现为:各国之间经济增长的差距在拉大、单个国家内及国家之间的贫富收入差距在扩大、各国的储蓄与投资差距似乎也在扩大,发达国家与发展中国家相互之间及发展集团之间的差距在扩大,等等.